A corporation earns $500,000 of current E&P and has an accumulated deficit of $300,000. The corporation pays a $350,000 distribution to its shareholders this year. $200,000 of the distribution will be taxed as a dividend.
Answer the following statement true (T) or false (F)
False
The full $350,000 distribution is taxed as a dividend because there is at least $350,000 of current E&P.
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